Difficult day for the market

CNBC-TV18’s Executive Editor, Udayan Mukherjee–

Difficult day for the market, it is just not improving, it shows momentary signs of getting above 4,500 but slips every time and again. So now at 4,499 it has been very sticky. Early in the morning it appeared that maybe after the gap down the market was trying to find some support but those supports are not holding. In fact, the Sensex too keeps grinding down towards 15,000 level and the same culprits are dragging the market down.

Banks, infrastructure stocks are under pressure once again and real estate is showing you no signs of life, largecap names, like Reliance Industries, are also struggling. But the big problem areas have been the ICICI Bank, HDFC, L&T, and BHEL those are the kind of stocks, which have dragged the market down today.

In midcaps too the situation is not very good we have got many more declining stocks, almost a 1000 compared to 250 advances that is not good, volumes are pretty decent actually. The discounts are widening indicating that the bears are getting more and more active and barring a few sectors like the odd sugar and cement, it has been pretty much downhill for most of the active names.

Europe has also opened up a bit soft that does not help matters. Asia has had a very ordinary session, in fact China has had a downright sale off of more than 6% today other markets have also been very bad. So it is not a great global situation that we have on our hands either.